Question
Item 3 of 4 (10 points) John and Jennifer are a married couple with no dependents. In 2020, they will use the married filing jointly
Item 3 of 4 (10 points) John and Jennifer are a married couple with no dependents. In 2020, they will use the married filing jointly filing status and report the following information for the tax year: John's salary Jennifer's Schedule C net profit Interest income from corporate bonds $ 80,000 100,000 5,000 D a) Show your calculation of Jennifer's total self-employment (SE) tax liability related to her Schedule C net profit. I b) Show your calculation of the portion of Jennifer's total self-employment (SE) tax liability you determined above in part (a) that is deductible in determining the amount of John and Jennifer's adjusted gross income (AGI) for the tax year. c) Assuming that Jennifer's Schedule C net profit is considered to be qualified business income under Section 199A, show your calculation of Jennifer's qualified business income deduction that will be claimed on the tax return
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